Wisconsin Statutes
Wis. Stat. § 403.307 (2026)
Notice of breach of fiduciary duty
✓ current as of July 2026
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403.307(1)(a)(a) “Fiduciary” means an agent, trustee, partner, corporate officer or director or other representative owing a fiduciary duty with respect to an instrument.
403.307(1)(b)(b) “Represented person” means the principal, beneficiary, partnership, corporation or other person to whom the duty stated in par. (a) is owed.
403.307(2)(2) If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
403.307(2)(a)(a) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.
403.307(2)(b)(b) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary or is taken in a transaction known by the taker to be for the personal benefit of the fiduciary.
403.307(2)(c)(c) If an instrument is issued by the represented person or the fiduciary as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.
403.307(2)(d)(d) If an instrument is issued by the represented person or the fiduciary as such to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary or is taken in a transaction known by the taker to be for the personal benefit of the fiduciary.
Notes of Decisions
Cited in 5
cases, 1977–2008 · leading case: United Catholic Par. Schs. of Beaver Dam Educ. Ass'n v. Card Servs. Ctr., 2001 WI App 229 (Wis. Ct. App. 2001).
United Catholic Par. Schs. of Beaver Dam Educ. Ass'n v. Card Servs. Ctr., 2001 WI App 229 (Wis. Ct. App. 2001). “In contesting First Financial's status as a holder in due course, UCPS asserts that under Wis. Stat. § 403.307 Gittus was a fiduciary and therefore, that First Financial cannot be a holder in due course.”
Willowglen Academy - Wisconsin, Inc. v. Connelly Interiors, Inc., 2008 WI App 35 (Wis. Ct. App. 2008). “§ 3-307 ( Wis. Stat. § 403.307 is modeled after this U.”
Mogilka v. Jeka, 389 N.W.2d 359 (Wis. Ct. App. 1986). “2d 831, 840 (1976); see sec. 403.307(1), Stats. ("Unless specifically denied in the manner provided in s.”
Fed. Nat'l Mortg. Ass'n v. Gregory, 426 F. Supp. 282 (E.D. Wis. 1977). “” Wis.Stat. 403.307 provides: “403.307 Burden of establishing signatures, defenses and due course.”
Fed. Nat. Mortg. Ass'n v. Gregory, 426 F. Supp. 282 (E.D. Wis. 1977). “" Wis.Stat. 403.307 provides: "403.307 Burden of establishing signatures, defenses and due course.”
— Wis. Stat. § 403.307(1) — 2 cases
Mogilka v. Jeka, 389 N.W.2d 359 (Wis. Ct. App. 1986). “2d 831, 840 (1976); see sec. 403.307(1), Stats. ("Unless specifically denied in the manner provided in s.”
Fed. Nat. Mortg. Ass'n v. Gregory, 426 F. Supp. 282 (E.D. Wis. 1977). “" Wis.Stat. 403.307 provides: "403.307 Burden of establishing signatures, defenses and due course.”
— Wis. Stat. § 403.307(3) — 2 cases
Fed. Nat'l Mortg. Ass'n v. Gregory, 426 F. Supp. 282 (E.D. Wis. 1977). “” Wis.Stat. 403.307 provides: “403.307 Burden of establishing signatures, defenses and due course.”
Fed. Nat. Mortg. Ass'n v. Gregory, 426 F. Supp. 282 (E.D. Wis. 1977). “" Wis.Stat. 403.307 provides: "403.307 Burden of establishing signatures, defenses and due course.”
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